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Dogecoin’s value against the US dollar has risen almost 37% and is now trading 65% above the previous week’s price
Dogecoin (DOGE) increased by almost 37% after a weekend of great advantages for several cryptomyces. Bitcoin’s main digital asset reached a new all-time high of $24,209 on December 20th, while Bitcoin Cash (BCH), Bitcoin SV (BSV) and Dash (DASH) also made some impressive gains.
Among the top 50 cryptomorphs, Dogecoin (DOGE) rose 15% on Saturday, then rose 17% on Sunday and has gained 37% so far.
For DOGE/USD, the huge movement in the last two days coincides with an increase in sentiment after Elon Musk tweaked on the meme coin. The CEO of Tesla and SpaceX also changed his Twitter biography to “Ex-CEO of Dogecoin”, which seems to have catapulted altcoin to stardom on social networks.
It is unclear to what extent the price will rise after this bomb. However, the current outlook suggests that the DOGE/USD currency pair could reach highs of around $0.010 in the short term.
Daily chart DOGE/USD. Source: TradingView
The daily chart has MACD strengthening within the bullish zone while the RSI suggests buyers are in control as it rises above 75. The price of the dogecoin could rise above $0.006 if the bulls break above $0.0056 and hold onto gains at the daily close.
If momentum weakens and bears take a position, the DOGE/USD pair could drop first to $0.0049 and then to $0.0045. Initial support levels are around 23.6% Fibonacci retracement levels and 38.2% of the rise from $0.0028 minimum to $0.00554 maximum. Prices may fall to $0.0038 and 50-SMA ($0.0032).
DOGE/USD hourly chart. Source: TradingView
On the hourly chart, the DOGE/USD currency pair is trading above the 100-hour simple moving average and seeking to strengthen near the upper limit of an upward channel.
However, the upper trend line of the parallel channel has limited the potential breakout around $0.0055. If the bulls breach the limit and climb to $0.0058, the next step above $0.006 could involve a further test of $0.010 and then all-time highs around $0.018.
On the other hand, if bears push below $0.0052 (the middle line of the channel), prices may fall to the lower limit ($0.0047). The next main support level is around 100-SMA ($0.0040) and then at $0.0036.